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NASM Virtual Coach
Chapter 8 Introduction to Sales, Pricing, and Packaging
| Term | Definition |
|---|---|
| Business Owner | An individual or group who owns a business entity and has final decision-making authority as well as first right to profits. |
| Business Operator | The individual running the day-to-day operations of a business. |
| What are the 3 components of a successful sales process? | 1. Scaleable 2. Teachable 3. Repeatable |
| Consumers | Individuals in the target audience who are not yet aware of the business or its products and services. |
| Outbound Sales | Sales that are initiated by the business; the business contacted the consumer first. (cold-calling) |
| Inbound Sales | Sales that are initiated by the consumer; the consumer contacted the business first. (content-marketing like blogs, social media posts, podcasts, videos, etc.) |
| Sales are the process of: | truthfully and successfully conveying that a company’s product or service offering truly solves the consumer’s problem. |
| What is one of the most important tasks a virtual fitness business entrepreneur? | Acting as a salesperson |
| Sales funnel | An organized, repeatable process that a prospective customer follows to become a paid customer. |
| Why do consumers purchase products or services? | To solve a problem |
| What is the fitness professional's mission in the context of sales? | 1. Identify the problems their clients are facing 2. Inform the client how their programs and services can help solve their problem 3. Ethically guide the future client in their purchase of the business’s services |
| What is the focus of the initial sales strategy? | The problems that currently exist in the market that inspired the fitness professional to develop their own virtual fitness business. |
| Sales Copy | Writing with the specific goal of guiding a consumer through a sale. |
| What are the 2 emotional factors examined when reviewing consumer's purchasing decisions? | 1. Self-concept connection 2. Emotional attachment 3. Brand love |
| 81% of consumers stating they must be able to trust a brand - True or False? | True |
| What are 6 pricing strategies? | 1. Economy pricing 2. Skimming pricing 3. Penetration pricing 4. Premium pricing 5. Promotional pricing 6. Bundling pricing |
| Prospect | A person whom the business has identified as fitting their client criteria but has not yet provided their information. |
| Leads | Prospects who have shown greater-than-normal interest in a company and have provided identifying information, such as an email address. |
| Customers | Leads who have purchased a product or service from a company; may also be used interchangeably with the term clients. |
| What are the 3 basic sales stages to be tracked? | 1. Prospects 2. Leads 3. Customers |
| What 3 timeframes should sales goals be broken down into? | 1. Daily 2. Weekly 3. Monthly |
| What is a Sales Goal? | an established revenue target or objective generated by program and service sales |
| What are the 2 most basic subcategories for defining sales goals? | 1. Timeframe 2. Sales stage |
| How often should sales goals be adjusted at a minimum? | Quarterly |
| Prospecting | Identifying potential customers; the act of searching for new clients |
| What are the 2 types of sales? | 1. Business to Consumer Sales (B2C) 2. Business to Business Sales (B2B) |
| Business to Consumer Sales (B2C) | Sales from a business directly to a person. |
| Business to Business Sales (B2B) | Sales from a business directly to another business. |
| Inbound Prospecting | The process of a consumer discovering a business from passive content released by the business. (social media, search engines, pay-per-click (PPC) advertising, email marketing, videos, infographics, newsletters, etc) |
| Outbound Prospecting | The process of a business contacting a consumer via direct marketing. |
| What is the 3-Step Prospecting Process? | 1. Define the target market 2. Identify how and where clients will be found 3. Establish a clear new prospecting strategy |
| Market Segmentation | the process of subdividing target markets; dividing prospects and leads to more well-defined categories; separating prospects into groups based on certain predetermined characteristics |
| What is the purpose of the marketing strategy? | to educate prospective clients about the existence of the company and its programs and services |
| What is the purpose of the sales strategy? | to continue educating leads about the solutions the fitness professional provides to the problems they are facing |
| What are 2 education techniques in marketing and sales that teach leads about products and services? | 1. Unique Selling Proposition 2. Value Proposition |
| Unique Selling Proposition | a specific benefit a product or service provides the target market that separates a business from its competitors |
| Value Proposition | the value of the programs and services that are offered; describes the price of the service, service quality, and value trade-off |
| Value Trade-Off | the lead saving money by choosing the service offered instead of spending more money on another option |
| Why should you develop a systematic process around the customer sales cycle or sales strategy? | It allows allows for tracking, refinement, directional pivots, reproducibility/scale, and efficiency in client acquisition |
| What is the most common progression from consumer to paid customer? | Prospect --> Lead --> Customer |
| Customer Journey Process | The guided path, designed by the business, that a consumer will follow to turn into a customer. Also known as the Sales Funnel Process |
| What does market segmentation allow for? | to build more effective sales strategies based on consumer characteristics and where a prospect is in their customer journey |
| Call To Action | A prompt from a business for a consumer to take an action. |
| What are the 2 categories a lead can fall into? | 1. Warm lead 2. Hot lead |
| Warm Lead | A lead that is interested but has not provided the business with contact information. |
| Retargeting Campaign | A marketing campaign that targets specific segments of prospects or leads that have not yet become customers. |
| Hot Lead | A lead that is interested and has provided the business with contact information. |
| Customer Lifetime Value (CLV) | The amount that a customer will spend with business over a lifetime. |
| Brand Champion Client | a client who has a higher than average CLV (customer lifetime value) |
| Sales Process | The journey of turning a lead into a client. |
| When does the marketing process end and the sales process begin? | The marketing process ends and the sales process begins when the prospect becomes a lead |
| Lead Nurturing | The process of educating, displaying empathy, understanding, and listening to a lead to turn the lead into a customer. |
| Workflow | A systematic and repeatable process |
| Merchant Processors | Businesses that process credit card payments for another business. |
| What 3 key items are required to work with a merchant processor? | 1. Business license 2. Employer Identification Number 3. Business Checking Account |
| Key Things to Look for and Consider When Searching for a Payment Processor | 1. Fees ranging from 2.6% to 3.2% + 30¢ per transaction 2. The ability to setup subscriptions and recurring client payments 3. Daily deposits of funds 4. Well-known and established company 5. Ease of access to customer service |
Created by:
drjeanette